Question

Mike and Mary Jane Lee have a yearly income of ​$77,389 and own a house worth ​$98, 600​, two cars worth a total of $ 19,025 and furniture worth ​$7,963. The house has a mortgage of ​$59,193 and the cars have outstanding loans of ​$2,216 each. Utility​ bills, totaling ​$147 for this​ month, have not been paid. Calculate or use Worksheet 4 to determine their net worth and explain what it means. How would the​ Lees' age affect your assessment of their net​ worth? The value of Mike and Mary​ Jane's total assets are ​$ nothing. ​(Round to the nearest​ dollar.)

Answer 1

ASSETS:
Particulars	Amt. ($)
House Market Value	98,600
Cars (No: 02)	19,025
Furniture	7,963
Total (A)	1,25,588
Liabilities
Particulars	Amt. ($)
House Loan	59,193
Cars Loan (2216*2)	4,432
Outstanding Expenses (Utility Bills)	147
Total (B)	63,772
Net Worth (A-B)	61,816

Notes;
Networth is a Wealth of a person or an entity and it's defined as a difference between assets and liabilities and it provides a clear view of Current Financials Position.

In business, it would be known as a Book Value or Shareholders Equity.

Yes, the age of the person affects the analysis of net worth

at 20's - you are just standing out and having student loans other things so it may very well be negative
at 30's- by this age, your net worth is should at least equal to half your salary should be saved in your retired account.
at 40's-your goal is to have a net worth of two times your annual salary.
at 50's-your goal is to have a net worth of four times your annual salary.
at 60's-you’ll be on track with a net worth of six times your annual salary.